Economics
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The following is a demand schedule for shoes:
Price: $100 $80 $60 $40 $20
Quantity: 10 14 18 22 26
a. Illustrate the demand curve. b. How much will consumers spend on shoes at a price of $80?
c. As price drops from $100 to $80, is the demand elastic or inelastic? Show your work or reasoning.
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